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Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 680 $4 $2,720 12 Purchase 980 6 5,880 23 Purchase 1,180 8 9,440 30 Inventory 680 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 1,050 units occurred on June 15 for a selling price of $ 8 and a sale of 1,080 units on June 27 for $ 9. (Round average cost per unit to 3 decimal places, eg. 5.254 and final answers to 0 decimal places, eg. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory 2$ $ Cost of goods sold $ %24 %24 %24 %24 %24

Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 680 $4 $2,720 12 Purchase 980 6 5,880 23 Purchase 1,180 8 9,440 30 Inventory 680 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 1,050 units occurred on June 15 for a selling price of $ 8 and a sale of 1,080 units on June 27 for $ 9. (Round average cost per unit to 3 decimal places, eg. 5.254 and final answers to 0 decimal places, eg. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory 2$ $ Cost of goods sold $ %24 %24 %24 %24 %24

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...
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Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 680 $ 4 $ 2,720 12 Purchase 980 6 5,880 23 Purchase 1,180 8 9,440 30 Inventory 680 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 1,050 units occurred on June 15 for a selling price of $8 and a sale of 1,080 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory 2$ $ 2$ Cost of goods sold $ $ $
Transcribed Image Text:Lisa Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 680 $ 4 $ 2,720 12 Purchase 980 6 5,880 23 Purchase 1,180 8 9,440 30 Inventory 680 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 1,050 units occurred on June 15 for a selling price of $8 and a sale of 1,080 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.) FIFO LIFO Moving Average Cost of the ending inventory 2$ $ 2$ Cost of goods sold $ $ $
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